Starbucks executives Howard Schultz, Jim Donald and Jim Alling did not receive bonuses for their work in 2007 because the company did not...
Starbucks executives Howard Schultz, Jim Donald and Jim Alling did not receive bonuses for their work in 2007 because the company did not meet internal profit targets, according to a filing Wednesday with the Securities and Exchange Commission.
Other top executive bonuses were curtailed.
Traffic at Starbucks’ U.S. stores fell 1 percent last summer. The Seattle company’s stock stagnated before Schultz reassumed the role of chief executive this month.
The stock rose on that news but still trades near $20 a share, down from a 52-week high of $35.67.
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Schultz, who remains chairman, maintained his 2006 salary of $1.19 million and got $8.58 million in option awards plus $861,398 in other compensation.
Except for the options, Schultz’s compensation was down 57 percent from 2006, when he received a $2.38 million bonus. His options for 2006 were worth between $18.49 million and $46.86 million, depending on appreciation, according to Starbucks calculations.
Donald, who stepped down as CEO, received a salary of $1 million for 2007, up from $978,846 for 2006, plus option awards worth $6.49 million and $36,920 in other compensation. The company has not yet disclosed if it paid Donald any severance.
All figures are for Starbucks’ fiscal year, which ends on or near Sept. 30. The company holds its annual shareholders meeting March 19.
Alling was president of Starbucks’ U.S. operations until September, when he became president of international operations. He did not receive a bonus because he did not meet goals set by the company, largely because of problems with U.S. operations.
Two executives who received scaled-back bonuses were Martin Coles, who became chief operating officer in September after being president of international operations, and Michael Casey, chief financial officer who has since retired.
Melissa Allison: 206-464-3312 or firstname.lastname@example.org